Exclusive: Mitt and Ann Romney talk US economy

This transcript is automatically generated

Governor Romney and -- great to -- -- appreciate take time to be with us tonight.

Governor -- are 140 days to go to Election Day a defining decisions coming up pretty soon and that is who would be running mate.

What do you going to be looking for and the person that you choose from with -- Well by far the most important factor is whether this is a person who would lead the country that were necessary.

Fortunately -- number -- good men and women in my party that would meet that test but that's the most important element.

With the American people -- what I see this person as someone who could lead in that kind of -- eventuality.

What did you make of the ABC news report this morning.

Said Marco Rubio was not being vetted but governor Tim Pawlenty was being -- any comment on that story.

I get a kick out of some of the speculation the goes on.

And that's a check at a cabin in the process of course but I I can tell you this only Beth Myers and I know who's being -- And so probably doesn't even and doesn't know we talk about the possible people that -- might select but in terms of who's actually being vetted.

That's something only two people know.

And at best and Beth Meyers doesn't talk about -- shortly.

Whether they're number of people who are being vetted and and that's obviously the group that were considering most seriously.

One of the things people suggest it is that might be.

Unique different to make that announcement early before -- just before the convention to sort of -- a little breathing room for the candidate to get adjusted to.

Life in the public -- you've now been experiencing for over a year and a half.

Would that be something you can.

Consider.

You -- consider a wide range of options at this stage -- have made a decision as to who it will be or when it will be announced.

More traditionally it's announced right around the time of the convention.

And there are advantages I'm doing that I'm sure but I'll keep open.

In terms of my thinking on and when will make the announcement.

And the president last week he's been speaking a lot about the economy.

Week and a half ago he said that the the private sector is fine.

They gave another speech on the economy went through a whole laundry list of areas where Republicans.

Would cut head start.

Republicans would cut you know senior citizens funding.

They would cut.

Early education for children.

That Republicans what their plans would ultimately result in dirty -- -- -- dirty water David -- said this week and the Republicans want more war.

What is your reaction when you hear that from the president and his campaign.

Well I -- the president is looking with some desperation -- to find a message that somehow will allow him to get reelected.

Those messages won't work any better than the ones in the last few weeks he really doesn't have a narrative that suggests why he should be the president for four more years.

His policies in the first three and a half years of disappointed people all over the country minority populations have been hit hardest.

But other Americans as well are really struggling under his policies and and in fact.

He of course did not cause the downturn but his policies have made it harder for the economy to recover.

They have lengthened the time under which the American people have been struggling.

I believe in a very different course for America I've laid that out we know where he's let us it's not the kind of place America wants to go.

You know -- now since President Obama has taken office we have five trillion dollars in new debt.

We borrow forty cents of every dollar.

How could you if you become president we know that one of the things you're gonna do is is cut spending by 5% from day one.

How could you get this country to a balanced budget we borrow so much money at this point.

Forty cents of every -- Well the good the good news is you you don't have to do it entirely in the first year meaning you don't have to take out a trillion dollars in year one spending in fact doing that.

Could cause -- to have an economic slowdown that would put a lot of more people back to work -- how to work.

So what you have to do is take action in the first hundred days of the first year that eliminates programs which if you didn't get rid of them.

Would take a larger and larger share of the deficit.

So what what you're gonna have to do is number one get rid of obamacare we can't afford it's not a good piece of legislation it saves a hundred billion dollars a year to get rid of it.

Number two he get rid of some other programs that we like but we simply -- just can't -- -- and keep borrowing money from China pay for them.

And so we eliminate programs number -- take other programs.

That that are helpful but we do like but that nonetheless can be run more efficiently at the state level.

Capped their growth at the rate of inflation or perhaps in the case -- something like Medicaid and inflation plus 1%.

You do that you save another.

Hundred billion dollars a year plus by growing these programs at the rate of inflation and then finally you reduce the number of federal -- -- with attrition.

Over time you do those things and by.

Eight to ten years America has a balanced budget and now you start generating.

The kind of returns that allow us to start paying down the -- One of the things was -- you would you tell me earlier.

We have 47 million Americans on food stamps nearly double the number than when President Obama took office we have what 26 million Americans on -- under employed.

We've got 39%.

Of people's wealth meaning the money that they saved over a lifetime has been lost and a three year period.

You talk a lot of people on the campaign trail in what are they telling you about their economic situation.

It's it's actually quite interesting because -- contest has been so start because this is our second time around.

Four years ago this is not what we -- hearing that now we're at our every single message that -- hearings about the economy.

Whether they're worried about their own job your husband's job their son's job.

They're worried in addition which is interesting to me about deficit spending because.

Americans like fairness.

And beyond anything else -- children.

And we love giving our children of a brighter future than what we have and what we're hearing from -- once they recognize that their children and not have a brighter future.

They're gonna be burdened with our -- The bills that.

We're racking up right now our kids are gonna have to pay for and they are very upset about that and you know they they just want -- -- -- please.

Come in and save this I mean please do something it's a desperate.

Shouldn't -- -- desperation really people come up to you because it seems you're you're out there connecting with a lot of people you would if you had to pick one word.

We're going to be they seem desperate -- -- and it's in the words they use most frequent air precinct country.

Or put it is in its if you wanna go even -- please save my children's future.

And that's what I'm hearing from women now what about the issue of the third rail every time a politician says they're gonna save Social Security or Medicare.

If Paul Ryan says that it's.

All right look -- -- -- over the cliff.

Isn't it true that to really get to a balanced budget we've got to deal with entitlements.

Is it possible to do that in a political atmosphere.

Where anybody that makes such a suggestion.

Will be demonized in such a way.

Well what what I think a lot of people are forgetting is usually one president.

In history that's cut Medicare by 500 billion dollars.

And that's President Obama.

He somehow -- points -- Republicans and and says that we're doing something wrong by talking about how to save these programs and make sure there.

Sell them for coming generations.

But he's the guy that cut Medicare by 500 billion dollars.

I see people holding up signs done then don't touch my Medicare like hey.

I'm not touching your Medicare it's the guy you've got an office that's cut your Medicare by five -- -- billion dollars my plan.

Lets people keep Medicare they want traditional Medicare or have an option to get private based health care.

We give people a premium support program so they can make a choice.

And lower income people get more help.

So they can get a more robust plan and higher income people will have to pay more of their way we save Medicare.

But but -- let's also not forget where we're talking now about what we have to do to balance the budget.

Cutting spending is is one part but the more important part is growing the economy.

Growth is the way that we get to a balanced budget growth is also the way we get people back to work.

Growth is the way we get wages rising again.

So my policies are not just finding ways to reduce the size of government and important -- that is they're also finding ways to get the private sector growing again.

Putting people back to working getting incomes up.

Watch Live

Exclusive: Mitt and Ann Romney talk US economy

Details

Clips

Hannity

Senator takes tough questions from audience members

Sen. Rubio: Border security is 'linchpin' of reform

Sen. Marco Rubio outlines future of immigration reform

Sen. Rand Paul: Obama's speech is a 'misdirection campaign'

The life of Jimmy Connors

Is the administration mastering the art of evasiveness?

What is so dangerous about the truth?

Reince Priebus on IRS probe: 'It's all unraveling'

House of Scandals: Where was Obama?

Rudy Giuliani says DOJ spying is 'totally unethical'

Degree of devastation: Oklahoma tries to move forward

Emergency crews try to recover children from school

Transcript

Recommended